Bill Text: FL S1872 | 2021 | Regular Session | Introduced

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Bill Title: Insurance-based Climate-change Task Force

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-04-30 - Died in Banking and Insurance [S1872 Detail]

Download: Florida-2021-S1872-Introduced.html

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       Florida Senate - 2021                                    SB 1872
       
       
        
       By Senator Rouson
       
       
       
       
       
       19-01698A-21                                          20211872__
    1                        A bill to be entitled                      
    2         An act relating to an insurance-based climate-change
    3         task force; creating s. 624.3095, F.S.; requiring the
    4         Commissioner of Insurance Regulation to convene a task
    5         force for specified purposes; providing duties for the
    6         task force; requiring the task force to deliver a
    7         biennial report beginning on a certain date; providing
    8         an effective date.
    9  
   10         WHEREAS, the State of Florida is uniquely exposed to the
   11  impacts of climate change, including sea-level rise, increased
   12  storm surge and flooding, hurricane intensification, extreme
   13  heat, and other climate-related weather events, and
   14         WHEREAS, the escalating frequency and severity of extreme
   15  weather events will put greater financial pressure on Florida’s
   16  insurance market and make it more difficult for Floridians to
   17  obtain affordable property and flood insurance for their homes
   18  and businesses, and
   19         WHEREAS, climate-related weather events may also create a
   20  consumer need for insurance products that do not currently
   21  exist, and
   22         WHEREAS, innovative insurance and reinsurance practices may
   23  provide opportunities to reduce risk exposure, close protection
   24  gaps, and better prepare Florida’s homeowners, businesses, and
   25  local governments for these events, and
   26         WHEREAS, it is the mission of the Office of Insurance
   27  Regulation to promote a stable and competitive insurance market
   28  for consumers, NOW, THEREFORE,
   29  
   30  Be It Enacted by the Legislature of the State of Florida:
   31  
   32         Section 1. Section 624.3095, Florida Statutes, is created
   33  to read:
   34         624.3095 Climate and Resiliency Task Force.—
   35         (1) The Commissioner of Insurance Regulation shall convene
   36  a Climate and Resiliency Task Force to consider the impact of
   37  climate change on Florida’s insurance market with the goal of
   38  best protecting Florida’s insurance consumers.
   39         (2) The task force shall identify protection gaps in
   40  Florida’s insurance market and assess and recommend risk
   41  transfer mechanisms and other approaches for reducing, managing,
   42  and mitigating climate-related risk.
   43         (3) The task force shall consider mechanisms that:
   44         (a) Improve access to affordable property and flood
   45  insurance for all Floridians;
   46         (b) Apply technology and innovation to the mitigation of
   47  climate-related risks;
   48         (c) Encourage investment in natural infrastructure to
   49  reduce climate-related risks to communities;
   50         (d) Mitigate the effects of extreme heat on agriculture and
   51  other businesses throughout this state; and
   52         (e) Provide coverage for additional living expenses
   53  relating to flood damage.
   54         (4) Beginning January 1, 2023, and at least once every 2
   55  years thereafter, the task force shall deliver a report
   56  containing its recommendations to the Governor and Cabinet, the
   57  President of the Senate, and the Speaker of the House of
   58  Representatives.
   59         Section 2. This act shall take effect July 1, 2021.